How to get a credit line started in the USA... HELP!

[GeeH 5]

Hi all,

I need some info and help.

I have now gotten my social security number, and would like to start building my credit score. I know secured credit cards seem to be the best way to do so but applying for one I got denied on the online application. I have sent of adjustment of status only last week and am waiting for all authorization paperwork to come through.

Can anyone in similar situations shed some light on this? What did you do or what was recommended to you? Wait for authorization to come through and get a job first or can I apply else where?

Thanks!

[Darnell 8,478]

several bits:

secured loan.

1. get a bank account in your name with yer SSN

2. deposit 3000 into that bank.

3. walk in to that bank, get a secured loan, perhaps flipping your 3000 into a 2000 certificate of deposit, to be used as collataral (sp? ) on the loan. suggest 12 month loan.

4. about 3 months later, of paying the monthly payments, the loan and payment history will show up on your credit history report.

secured credit card.

get a secured credit card from capital one. use it, make payments for 3 months. you'll see stuff in yer credit history report 3 to 4 months later.

so, do both, and you'll have credit history on 2 credit lines that YOU started.

Go Get Em, and Good Luck !

[TBoneTX 45,273]

*** Thread moved from K-1 Process forum to the "Moving Here & Your New Life" forum -- better destination for this topic. ***

[Dave&Roza 748]

Hi all,

I need some info and help.

I have now gotten my social security number, and would like to start building my credit score. I know secured credit cards seem to be the best way to do so but applying for one I got denied on the online application. I have sent of adjustment of status only last week and am waiting for all authorization paperwork to come through.

Can anyone in similar situations shed some light on this? What did you do or what was recommended to you? Wait for authorization to come through and get a job first or can I apply else where?

Thanks!

The quickest way and it helps with ROC is if the USC has a large dollar amount of investments, put the foreign spouse on as a joint owner. Their debt-to-equity ratio will be great and in about 3-4 months their credit score will be close to the USC's. Also, putting the foreign spouse onto a JOINT CC--not as an authorized user--also helps as they share your credit history even if the card is new. Just use it for everyday expenses and pay it off each month. After that, have the foreign spouse try for there own CC--I do not recommend Marcy's as they declined my wife twice for having no income even though they are suppose to use the joint family income. It is a matter of getting the SSN onto reportable instruments like debt and equity. My wife did qualify for a Banana Republic visa with a credit limit of $3,800 and after putting her dental work on it they raised her limit after only 2 months history.

Good luck,

Dave

[kmiami15 8]

as mentioned above, there is a secure credit card from Capital One and there is one for building your credit... go to their website... www.capitalone.com and browse through the different cards...

[MFC87 2]

Or go to any bank and tell them your situation. Usually they take $500 to give you $250 credit or take 250 or give 500 (can't remember which one it is) and here you go, you have a credit card. The amount you give is a deposit so you get it back...eventually.

[F2aSonofLPR 15]

I was already on my job for 6 months when I started to apply for credit cards online. Discover and Capital One both denied my applications because they say I have no credit history. But I got lucky with Chase,I was approved for $300 credit limit. I first used $50 for grocery then paid them off before the due date. Then had to use the card again in purpose of building my credit. In less than a year my credit limit was increased and started receiving credit card offers in the mail.

[ChicagoSarah 127]

If your spouse has a relationship with a bank, try going there. I've banked with Chase for years, so we added my husband to our bank account right away. When we went to get him a credit card to start building credit, the banker told us that my husband would likely get denied on the first request....which he did. But the local branch of Chase we frequent was able to ask Chase credit cards to reconsider based on my (and now our) relationship with the bank. He was approved with a $500 credit limit. It's not much, but he uses it for things like groceries, then pays it off, so he's building credit and will likely have his limit raised within the year. As soon has he had his SSN, we added him to our electric bill, too, which will also help with building credit.

[Cathi 5,748]

My husband got a non-secured credit card from Capitol one with a $500 credit limit. After a few months of paying that he was able to get a car loan without a co-signer.

[NigeriaorBust 4,087]

Because of family owned concerns my husband is not jointly listed on accounts or real estate but was able to go to my band and get a low limit secured card almost immediately. He is now getting tons of credit offers and could get himself enough card to get himself into real credit trouble just like the rest of America

[rylforever 18]

My husband got a non-secured credit card from Capitol one with a $500 credit limit. After a few months of paying that he was able to get a car loan without a co-signer.

This is great advice and really easy to do. It works!

[lasko12 9]

Capitol one is the best choice for non-credit people who start building credit score. You can go to their website and sign up for a credit card.

[HK12 273]

I had started a similar topic on here a couple of weeks ago because after almost a year here, I still didn't have any credit score (being an authorized user on my husband's CC obviously did not work). I got advised to get a secured CC. I went with the Capital One secured credit card, put down $100 and got approved with a limit of $251 per month. I have just realized that this does not cover my expenses, so I will increase my limit by putting down another $200. I just paid off my first CC bill (three weeks ahead of time because I have heard doing so will increase your credit score), and I guess I will be able to tell in a couple of months how effective the card is.

Edited December 27, 2013 by HK12

[kzielu 1,149]

Hi all,

I need some info and help.

I have now gotten my social security number, and would like to start building my credit score. I know secured credit cards seem to be the best way to do so but applying for one I got denied on the online application. I have sent of adjustment of status only last week and am waiting for all authorization paperwork to come through.

Can anyone in similar situations shed some light on this? What did you do or what was recommended to you? Wait for authorization to come through and get a job first or can I apply else where?

Thanks!

Joint credit card with your spouse - if she / he has a decent credit score. I had $3k limit credit card a month after arrival, without useless secured credit cards with $300 limit. That card - being used and regularly paid off got me good credit score relatively quickly. Got few more credit cards soon after, car loan with 0%APR (which you have to have good score to qualify for).

[kzielu 1,149]

I had started a similar topic on here a couple of weeks ago because after almost a year here, I still didn't have any credit score (being an authorized user on my husband's CC obviously did not work). I got advised to get a secured CC. I went with the Capital One secured credit card, put down $100 and got approved with a limit of $251 per month. I have just realized that this does not cover my expenses, so I will increase my limit by putting down another $200. I just paid off my first CC bill (three weeks ahead of time because I have heard doing so will increase your credit score), and I guess I will be able to tell in a couple of months how effective the card is.

Paying ahead of time doesn't really matter -what matters is whether you were ever late with your payment. When you pull your credit report (you can get it for free once a year from all three agencies) it shows each month for all your credit cards and provides info whether it was never late or whether you were late (there's probably couple of options but never seen anything other than never late).

The other thing is - credit score is not a single easily defined number. It's typically understood as FICO credit score, but different lenders pull credit score from different agencies (for example - Toyota Financial Services used Trans Union, others used Equifax and so on) and in addition to all that also length of history matters quite a bit. My score with Experian was ~720 after 6 months being here but it really did not mean anything... Would not get any serious loan with good APR (Trans Union score at the same time was just above 600). So bottom line - it's not all that easy. Takes time to build a score.